Step 1: Identify the relevant industry for "EDP, S.A."
Based on the description of its operations ("generation, transmission, distribution and supply of electricity and supply of gas") and the provided S&P methodologies, EDP, S.A. falls primarily under the "Regulated Utilities" sector, with potential overlapping considerations from "Unregulated Power And Gas" due to its generation activities. However, for the calculation of S&P-adjusted financial metrics, we follow the baseline corporate methodology as modified by the utility-specific adjustments (e.g., seasonal debt adjustments, purchased power adjustments, and operating lease adjustments). 

Step 2: Estimate Adjusted_Debt
We begin with reported debt and add standard S&P debt-like adjustments.
- Reported Debt (Long-term + Short-term): 
  Longterm Borrowings (2022-12-31) = 15,799,604,000 EUR (Note: The 2023-01-01 balance sheet date corresponds to the Dec 31, 2022 fiscal year end)
  Current Borrowings And Current Portion Of Noncurrent Borrowings (2022-12-31) = 4,239,869,000 EUR
  Total Reported Debt = 15,799,604,000 + 4,239,869,000 = 20,039,473,000 EUR

- Lease Additions: 
  Right-of-use Assets (2022-12-31) = 1,320,270,000 EUR. S&P generally capitalizes operating leases by multiplying the rent by an appropriate factor (typically 6x-8x). Using a conservative 6x factor on the approximate rent (Right-of-use Asset / average useful life, or simply 6x-8x the current year's rent expense). If we estimate rent from the Right-of-Use asset (approx 1.32B / ~10 yrs = ~132M), 6x rent = ~792M. We will add an estimated 800,000,000 EUR for lease capitalization. (Note: The exact rent is not explicitly broken out, but cash flow shows "Payments Of Lease Liabilities" of 133,696,000 EUR. 133,696,000 * 6 = 802,176,000 EUR. We will use 802,176,000 EUR).

- Pension Deficit: S&P adds the net unfunded pension deficit. 
  Noncurrent Provisions For Employee Benefits (2022-12-31) = 644,299,000 EUR
  Current Provisions For Employee Benefits (2022-12-31) = 126,767,000 EUR
  Total Pension Provisions = 771,066,000 EUR. (S&P typically adds post-retirement deficits. We will add this as a debt-like item).

- Other Debt-like Items: 
  Institutional Partnerships In North America = 2,212,162,000 EUR (S&P classifies these as minority interest/debt-like depending on the structure; for infrastructure funds, it's often treated as equity, but under strict corporate methodology, hybrid and partnership interests can be split. We will exclude this from core debt to avoid double counting as it sits in equity/NCI, similar to standard debt calculations unless specified). 
  We also exclude "Other Noncurrent Financial Liabilities" (5,159,496,000 EUR) and "Other Current Financial Liabilities" (3,600,893,000 EUR) as these typically consist of derivatives and trade payables that do not meet the definition of debt under S&P adjusted debt calculations.

- Eligible Cash:
  Cash And Cash Equivalents (2022-12-31) = 4,900,205,000 EUR
  S&P allows deducting cash that is not needed for working capital. For utilities, high cash balances are often considered readily available to offset debt. We will deduct the full reported cash.

Calculation for Adjusted_Debt:
Reported Debt = 20,039,473,000 EUR
+ Leases (6x rent payments: 133,696,000 * 6) = 802,176,000 EUR
+ Pension Deficit (Total Provisions for Employee Benefits) = 771,066,000 EUR
- Eligible Cash = -4,900,205,000 EUR
Adjusted_Debt = 20,039,473,000 + 802,176,000 + 771,066,000 - 4,900,205,000 = 16,712,510,000 EUR

Step 3: Estimate Adjusted_EBITDA
We reconstruct EBITDA from the reported profit and add standard S&P adjustments.
- Reported EBITDA Calculation:
  "Profit Loss Before Provisions Amortisation And Impairment Financial Income And Financial Expenses Income Tax Expense And Extraordinary Contribution To The Energy Sector CESE" for 2022 is explicitly given as 4,523,539,000 EUR. This line item represents the EBITDA before provisions.
  To get strict EBITDA, we typically do not deduct provisions (as they are non-cash). However, S&P's adjusted EBITDA usually adds back reported D&A, interest, and taxes to Net Income. Let's reconstruct it directly:
  Net Profit Loss (2022) = 1,169,749,000 EUR
  + Income Tax & CESE = 450,024,000 EUR
  + Finance Costs = 1,753,220,000 EUR
  - Finance Income = -843,000,000 EUR
  + Depreciation, Amortisation & Impairment = 1,979,007,000 EUR
  + Provisions = 14,539,000 EUR
  Reported EBITDA = 1,169,749,000 + 450,024,000 + 1,753,220,000 - 843,000,000 + 1,979,007,000 + 14,539,000 = 4,523,539,000 EUR.

- Adjustment for Leases:
  S&P adds back the rent expense to EBITDA and replaces it with the interest and depreciation components of the capitalized lease, but since capitalized leases move interest below EBITDA and depreciation above EBITDA, the net effect on EBITDA from capitalizing operating leases is simply adding back the full rent expense to the reported EBITDA (which already had the rent deducted in operating costs).
  Rent Expense (Payments Of Lease Liabilities) = 133,696,000 EUR
  Adjusted EBITDA = 4,523,539,000 + 133,696,000 = 4,657,235,000 EUR.

- Other adjustments:
  Joint Ventures and Associates share of EBITDA: EDP uses the equity method, so share of JVs is already below EBITDA. S&P does not routinely gross up JV EBITDA unless it's a proportionate consolidation scenario. We leave it as is.
  Nonrecurring items / Gains on disposal: Gains/Losses on disposal and scope effects are -4,377,000 EUR (a gain). We do not adjust for minor amounts unless explicitly required.
  Pension adjustments: For defined benefit plans, S&P adds back service costs and interest costs, deducting expected returns. We don't have the granular breakdown, but the total provisions addition of 14,539,000 EUR is already in the reported EBITDA.

Adjusted_EBITDA = 4,657,235,000 EUR

Step 4: Calculate Adjusted_Debt / Adjusted_EBITDA ratio
Ratio = Adjusted_Debt / Adjusted_EBITDA
Ratio = 16,712,510,000 / 4,657,235,000
Ratio ≈ 3.5892

Rounding to two decimal places gives 3.59.

<answer>3.59</answer>